You need money right now but don't have a good credit history. The banks waste too much time and you want to avoid loan sharks. What do you do? Consider pawn for cash.
What Does Pawn for Cash Mean? How Does it Work?
Pawn for cash has a simple mechanism. Here's how it works:
o The borrower pawns an article of value - for example, a gold bracelet, a TV, or an antique vase - with the lender.
o In return, the lender provides a loan whose value is less than the article's value.
o The borrower pays the amount along with the interest after a fixed duration - usually three days to three months - as specified in the agreement.
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o In case the borrower fails to repay within the period, the lender confiscates the article.
Other than a means of getting quick cash, pawn for cash does not involve loan sharks hounding the borrower. If you refuse to pay or cannot pay, you simply lose the article.
Tips for Borrowers
Pawn for cash is one of the oldest ways to get money when required, and is a traditional business in many countries such as China, India, Thailand, etc. Recently, a New York Times reported that several celebrities, especially in California, are opting for pawnshops in what is known as "collateral lending". Common articles include electronics, cars and automobiles, jewelry, antiques, and other merchandise. At the same time, cases of exploitation and cheating are also common in the pawn-broking industry.
If you are planning to pawn your personal articles, here's what you should know:
o Don't borrow if you cannot repay. It's as simple as that. But sometimes, you may need money urgently. Understand your ability to repay and also explore other options.
o Watch out for high interest rates. Some unscrupulous pawnshops are known to charge exorbitant rates of interest, and in many cases, the borrower is unable to repay, thus leading to the loss of the article. Compare different lenders and their rates before you make the final decision.
o Don't keep any items of sentimental value with the borrower. Many borrowers make the mistake of pawning their family heirlooms or items of personal value that are priceless and cannot be substituted by money.
o Keep your documents related to the loan safely. Pawnbrokers will try their best to avoid giving you your article back if you fail to provide the necessary documents.
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